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Economic activity in the euro zone grew last month for the first time since May 2023

Economic activity in the euro zone grew last month for the first time since May 2023, although the recovery was uneven as a surprisingly robust improvement in the services sector balanced a sharper decline in manufacturing, a survey showed revealed on Thursday.

The composite PMI, which integrates both services and industrial production, rose to 50.3 in March from 49.2 in February, according to the final HCOB/S&P Global Purchasing Managers’ Survey. An initial estimate indicated 49.9 for March, and an index of 50 marks the difference between expansion and contraction.

“Good news at last. The Eurozone services sector is gradually recovering, with activity stabilizing in February and showing signs of moderate growth in March,” said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank.

The index for the services sector advanced from 50.2 to 51.5, beating preliminary estimates of 51.1 and hitting the highest level since June.

Interest in services was on the rise, with the index for new orders breaking the expansion threshold, moving from 49.8 to 51.4.

“It is particularly encouraging to see that new orders have returned to growth after eight months of drought. This favorable trend will continue, fueled by wage growth that outpaces inflation, thereby boosting household purchasing power,” noted Cyrus de la Rubia.

With this return to growth in the services sector, overall optimism for the year ahead was on the rise. The composite index for future production jumped from 60.5 to 61.8, a level not seen in more than two years.






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